The South Kensington area is best defined by its rows of grand stucco terraces and for art and culture. It is home to the Royal Albert Hall, Victoria and Albert Museum, the Natural History Museum and the Science Museum, as well as a vast selection of shops and restaurants.
Who lives in South Kensington and what is the attraction of this area of prime central London?
In the Royal Borough of Kensington and Chelsea there are approximately 160,000 residents, of which about 22,000 live in South Kensington. The area has one of the most affluent demographics in the capital, as well as one of the longest life expectancies for both men and women. South Kensington is in Zone 1 and is very well served by public transport, which makes it an ideal place for professionals, with its easy access to the city.
It is also home to a substantial French population, most likely because of the location of the Lycee Francais Charles de Gaulle and the French Institute. It is well known for its independent schools, such as Wetherby Prep, Glendower Prep and Queens Gate School, among many others. Thomas’s School is not technically in South Kensington, but is also a strong appeal for South Kensington’s younger pupils. Hyde Park’s 350 acres to the north of South Kensington is a great attraction for residents.
Typical property in South Kensington.
This is the one of the best areas for the wedding cake style of property - the afore mentioned stucco-front style. Typically with a grand raised ground floor and 4-5 meter ceiling heights. Grand pillars, wrought iron railings and sash windows. These properties are Grade II listed and are always in high demand. Lateral conversions are extremely sought after in these Victorian mansions. When they were built for the wealthy Victorians, they also included a mews house to the rear, or in a nearby location.
Mews houses are therefore in abundance in this area. Many of them have been extended over the years to create larger, more modern living accommodation. First for use by horse and carriage, then to motor car storage and finally to fashionable, small homes over two floors. More recently it is common to find a third floor of bedrooms and a possible roof terrace. Recent trends of extending into the basement has resulted in substantial homes from these once modest buildings. South Kensington has some of the prettiest mews streets in London.
South Kensington also includes some delightful red brick mansion blocks with pretty wrought iron balconies. Grand entrances on tree lined streets and typical Victorian tiles and detail on the facades. Many of these were built close to the Royal Albert Hall and are similar in style to this bastion of classical music and culture.
There are also various other architectural styles, as in most areas of London. It is not uncommon to find art deco blocks, semi detached red brick houses, characterful low-built ex-workers cottages and even the occasional modern block of flats. But there is no doubt that the area is best characterised by its white stucco front houses and its garden squares.
How do you know if you have access to a garden square?
As a rule of thumb, the simplest way for a resident to determine whether they have access, is to check whether they pay a precept for the maintenance of the garden as part of their annual Council Tax.
There are three “classes of persons” who may use a garden square. Firstly, the owner of the freehold of the garden square itself, secondly, those to whom the owner has specifically granted rights and thirdly, the occupiers of the houses in and encompassing the square. Including the front or side of the square, even if the front of the property may face another street.
How is the shopping in South Kensington?
If you are shopping for clothes or homeware, it is worth heading to neighbouring Sloane Square or Kensington High Street. However, South Kensington and Gloucester Road high streets are fantastic for butchers, bakers, grocers, fishmongers and cafes, pubs, restaurants, bars and hotels. You can also buy a sports car, or of course, a prime property from the local Estate Agents.
How have prices faired in South Kensington?
Like so many areas of London, prices in South Kensington rarely decrease substantially. This is one of London’s golden postcodes for good reason.
However there are always minor ups and downs. It is likely that prices were highest in South Kensington in 2016 according to the Land Registry. The last two years have been so affected by the Covid-19 pandemic, that data is erratic and difficult to read. In the last quarter of 2021 and this year, we have seen a noticeable increase in applicants for
property in SW7 and a distinct lack of new property coming to the market. This means an upward trend in prices is most likely.
• Prices are currently 5% lower than they were in the peak of the market.
• On average, over the last few years, we have seen an annual uplift in prices of approximately 5.5%.
• Average prices for houses and flats in 2021 were on par with 2014 which was an extremely busy sales market.
• While we don’t have sufficient Land Registry data to compare 2021 to 2022, prices have increased in just the last 3 months by 8.6%.
• 54% of properties currently on the market in SW7 are over £1,000,000.
• 54.8% of properties currently on the market have been on the market for more than 6 months. This suggests they are overpriced.
• 35% of property currently on the market is between £2m-£5m.
• 20% of the property currently on the market is over £5m.
• 4+ bedroom houses traded at an average of £1,610/sqft.
• 3+ bedroom flats performed the best at an average of £1,800/sqft.
• 2 bedroom flats traded at an average of £1,780/sqft.
• 1 bedroom flats traded at an average of £1,580/sqft.
**Land Registry, LonRes, own data
So is it a good place to buy to live in and to invest in 2022?
Let’s start with a good place to live - Yes. Absolutely. Its classically beautiful and has a great reputation, that is well deserved.
Aside from the wonderful housing stock already well discussed in this document, there is excellent transport, one of London’s finest parks, plentiful amenities and an exclusive demographic of residents from all over the world. It is surrounded on all sides by other great areas and frankly, it is hard to beat. It also feels like real people live here. Its not a ghost town of empty properties, with owners coming over for three weeks a year. Its feels like a part of busy, vibrant London and at the same time, on many of its streets and gardens squares it feels peaceful and secluded. Its quite the mix.
Investment in this area of London is quite a safe bet.
As demonstrated earlier, prices are fairly robust and while they may dip, the housing stock is so good that it isn’t likely to drop enough to really matter. Things to be cautious about, would be the condition of the property. If you need to do a lot of modernising, beware Grade II listed properties and conservation area restrictions. Also, be conscious that a lot of the property in this area has been around since the 1850s and may have underlying issues that aren’t immediately obvious.
Typical yields in the area are between 2.5 -3.5% gross. They do rent very well and often quickly, especially the best in class prime stock, such as the one listed below, that rented almost immediately upon coming to the market.
Our Recommendations:
A first class place to live in London. A reliable and established place to invest.
A beautiful and vibrant part of London.
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